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Naira Watch

Naira extends gain at official market, as foreign reserve crosses $40bn mark

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Naira sustained its gain against the U.S dollar at the official market on Monday, stretching the currency’s appreciation momentum to three business days.

According to data from the FMDQ securities exchange window, the Naira to US dollar exchange rate closed at N414.07/$1 on Wednesday, October 20 following the Eid-el-Maulud holiday break.

Wednesday closing rate at the Investors and Exporters (I&E) window implies a N0.66 or 0.16 percent appreciation from the N415.07 rate it exchanged on Friday last week.

Read also: Naira continues recovery, closes strong against U.S dollar

But at the interbank segment of the market, the Nigerian currency maintained stability against the American Dollar as it remained unchanged at N410.89/$1 on Wednesday.

According to Bureau de Change Operators in Ikeja and Ikotun who spoke with Ripples Nigeria, the black-market Naira-to-dollar exchange rate has remained over N570/$1.

Meanwhile, Nigeria’s foreign reserve recorded a further boost of $566.45 million on Monday, 18th October 2021 to close at $40.39 billion compared to $39.82 billion recorded as of the previous week.

The reserve position is now at its highest level since 2019, thanks to the fund raised by the federal government from the Eurobond market and recent positive rally at the global crude oil market.

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